Energy Economy

Tehran can increase its oil production to 6.5 million barrels per day, more than double the current volume without any problems, Bijan Zanganeh, the Iranian oil minister, said on Monday as published by the ministry’s Shana portal. US Imported Oil Twice From Iran in Last Two Quarters Despite Sanctions, EIA …

Iranian Energy Minister Reza Ardakanian, who is the chairman of the Iran-Iraq Joint Economic Committee, has said Iraq is going to transfer $125 million of its energy dues to Iran to a European bank to be paid for 16 million COVAX Covid-19 vaccines. “The necessary license has been issued to …

Iraq was reported to be Iran’s second biggest non-oil export destination for the period from 21st March to 21st May. Mehdi Mir-Ashrafi, the head of the Islamic Republic of Iran Customs Administration, is quoted as saying that Iran exported $2 billion worth of non-oil exports to China over that time, …

Kazem Gharibabadi, the Iranian Ambassador to International Organisations in Vienna, says Tehran has informed the International Atomic Energy Agency (IAEA) of its decision to extend an earlier deal with the UN’s nuclear watchdog for one more month at most. According to Gharibabadi, the IAEA cameras will be allowed to continue …

Iranian Offshore Oil Company (IOOC) has implemented a pilot enhanced oil recovery (EOR) project in which a nanofluid has been injected into an oilfield in southern Iran for the first time to boost its recovery factor. The high-tech project was unveiled in a ceremony attended by officials from IOOC, the …

Managing director of the National Iranian Oil Company (NIOC) has announced the beginning of oil transfer operation through Goreh-Jask pipeline which is laid from Goreh oil terminal in the southwestern Bushehr Province to Jask oil terminal along the Gulf of Oman. Masoud Karbasian made the announcement on the sidelines of …

Head of Iran’s Customs Administration (IRICA) Mehdi Mir-Ashrafi said that the country exported $5.6 billion worth of non-oil goods and commodities to foreign countries from March 21 to May 15, 2021, showing a 46% rise compared with the same period last year. Mir-Ashrafi said that some 15.5 million tons of …

The National Iranian Oil Co. is set to sign a $1.78 billion deal with a domestic company to develop the Farzad B gas field in the Persian Gulf, oil ministry news service Shana reported May 16. Petropars, Iran’s leading general contractor, will ink a buyback deal with NIOC on May …

The Director-General of Marketing at the Ministry of Energy and Minerals has said the Sultanate is an important partner in the cooperation agreement signed between OPEC and non-OPEC members that decided to cut oil production. He said that it was decided that the Sultanate’s share of the production cut in …

The Minister of Industry, Mine and Trade said that Iran’s export of non-oil commodities registered an eighty percent hike in the first two months of the current Iranian calendar year (from March 21 to May 20). Speaking in a get-together meeting of programs on promoting export in the country on …